Buy Maharashtra Seamless; target of Rs 805: Kotak Securities

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26 Aug, 2025 12:21

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Kotak Securities' research report on Maharashtra Seamless

MSL Q1FY19 result significantly outperformed our estimates; sales grew on back of improved realizations in Seamless as well as ERW pipe division. Margins expanded significantly on y/y and sequential basis demonstrating the pricing power. We note that Q1FY19 (and so the Q4FY18 quarter) signals sustainable recovery in company's financials in foreseeable future, supporting our investment thesis.

Outlook

MSL stock continues to trade at attractive valuations at 4.6 FY20 EV/EBITDA. We value MSL stock at 7.5x EV/EBITDA FY20E earnings and maintain BUY with revised target price of Rs 805 per share (Rs 615 earlier).

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